Oscar opened a savings account 9 years ago. The account earns 11% interest, compounded quarterly. If the current balance is 300.00, how much did he deposit initially?

Solución

Solución

Principal : 112.97

Pasos de solución

Translate the problem into an equation:

300 = P (1 + \frac{0.11}{4})^{4 \cdot 9}

Resolver para

P, 300 = P (1 + \frac{0.11}{4})^{4 \cdot 9} : P = 112.97

Principal : 112.97

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